Solana rose 16.37% in a week, the highest among top cryptocurrencies, reaching $214 after a strong recovery from August price lows.
The token faces upcoming resistance at $244 and $273, with analysts placing $300 back as a potential price target in the current trend.
Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly raising $1 billion to buy Solana, boosting institutional interest in the asset.
Solana has emerged as the strongest performer among the largest cryptocurrencies by market capitalization. The token advanced 3.53% in the past 24 hours, reaching $214, while its weekly gain of 16.37% marks the highest increase among the top 10 digital assets. Other leading cryptocurrencies have seen either marginal moves or slight declines during the same period.
The latest price strength follows Solana’s rebound from a low of $155 at the start of August, which came after a late July sell-off. The recovery gained momentum when a bullish golden cross formed on its daily chart in early August. Despite a temporary stall in mid-August near $210, the asset regained momentum after pulling back to $173 on August 20, starting a fresh upward trajectory.
Resistance Levels and Market Path
Solana’s sharp drop on August 25 from $213 did not dampen bullish sentiment, as the token staged three consecutive days of gains. During early Thursday trading, Solana touched an intraday high of $216, reinforcing its positive momentum. Analysts now see the $300 mark back in focus, a level Solana came close to in January when it peaked at $295. However, the token will need to break through resistance levels at $244 and $273 before testing the higher range.
Investor confidence appears to be supported by institutional moves. Galaxy Digital, Multicoin Capital, and Jump Crypto are reportedly in discussions with investors to raise as much as $1 billion to buy Solana, according to Bloomberg. The potential inflow of institutional capital could provide further backing to Solana’s ongoing market strength and sustain its current trajectory.
The post Solana Rallies With 16% Weekly Gain as Institutions Eye $1B Push appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
